Cwm LLC has made a significant move in the financial markets, substantially increasing its stake in Perrigo Company plc (NYSE:PRGO) during the first quarter. This notable acquisition highlights a growing confidence among institutional investors in the consumer healthcare giant, as detailed in recent SEC filings.
The investment firm boosted its position by an impressive 361.8%, acquiring an additional 3,137 shares to bring its total ownership to 4,004 shares of Perrigo stock. At the close of the most recent quarter, Cwm LLC’s holdings in Perrigo were valued at a substantial $112,000, underscoring a strategic financial decision within the dynamic stock market.
Cwm LLC was not alone in its heightened interest; other prominent institutional investors and hedge funds have also adjusted their positions in Perrigo. Principal Financial Group Inc., for instance, subtly grew its holdings by 0.3% in the first quarter, now owning 313,849 shares valued at $8.8 million after a minor acquisition of 914 shares.
Further reinforcing the trend, D.A. Davidson & CO. strategically acquired a new stake in Perrigo during the first quarter, valued at approximately $1,619,000. Similarly, GAMMA Investing LLC demonstrated strong conviction, lifting its holdings in Perrigo by 91.9% to 3,685 shares, now worth $103,000, while Beach Investment Counsel Inc. PA also initiated a new position valued around $1,526,000.
Allspring Global Investments Holdings LLC significantly increased its shares in Perrigo by 4.6% in the first quarter, reaching 1,142,407 shares valued at $31,645,000. These collective movements by institutional investors contribute to a substantial portion of the company’s ownership, with an impressive 95.91% of Perrigo stock now held by hedge funds and other large institutional entities.
Perrigo’s financial performance indicators present a detailed picture for potential investors. The stock opened at $27.54, with a market capitalization of $3.79 billion. Despite a P/E ratio of -21.02, the company maintains a stable beta of 0.45. Its shares have shown consistency with a 50-day simple moving average of $27.00 and a 200-day simple moving average of $26.27, reflecting underlying market trends and investor sentiment.
The company’s balance sheet metrics indicate financial resilience, with a debt-to-equity ratio of 0.82, a current ratio of 2.36, and a quick ratio of 1.28. Perrigo’s stock has traded within a 12-month range, hitting a low of $23.14 and a high of $30.93, offering insights into its volatility and potential for growth within the healthcare sector.
In a move signaling its commitment to shareholder returns, Perrigo recently announced a quarterly dividend of $0.29 per share, payable on Tuesday, September 16th, to investors of record on Friday, August 29th. This translates to an annualized dividend of $1.16 and a yield of 4.21%, despite a current dividend payout ratio (DPR) of -88.55%, a metric often analyzed by those tracking dividend stocks.
Analyst sentiment around Perrigo has seen some adjustments; one firm recently downgraded shares from a “buy” to a “hold” rating. Currently, four investment analysts recommend a hold rating, while one maintains a buy rating. According to MarketBeat, Perrigo holds an average rating of “Hold” with an average price target of $33.00, providing further financial analysis for investors considering PRGO shares. Perrigo Company plc is a global provider of over-the-counter health and wellness solutions, operating through Consumer Self-Care Americas and Consumer Self-Care International segments, encompassing a wide range of products from upper respiratory and nutrition to digestive health and oral care.
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